Al-Shajarah Journal of the International Institute of Islamic Thought and Civilization (ISTAC)
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THE POTENTIAL IN REVIVING WAQF THROUGH CROWDFUNDING TECHNOLOGY: THE CASE STUDY
No full textDisruption of technology continues to change the global market and economy today. Simultaneously, Islamic social finance and its mechanisms has continued to gain spotlights due to their viability and sustainability nature. They are not only offering chances to achieve Sustainable Development Goals (SDGs) but also beyond such goals. Looking into the application of waqf as one of Islamic social finance's instruments, this continuous charitable giving is preferred due to its features that are perpetual, irrevocable, and inalienable. In Thailand, reviving and sustaining waqf properties are still limited due to the lack of funds. However, with the existence of new technology called crowdfunding platform, the revival of waqf can be made possible. Such revival of waqf is essential for the society at large, especially for the Muslim community. The revival of waqf may provide essential assistance in alleviating poverty and gives an equal opportunity for economic participation. By using a qualitative research method and documentary-based legal analysis, this research looks at the opportunity of reviving waqf in Thailand through crowdfunding platforms
A PROPOSED MOSQUE MODEL FOR ZAKĀT GOVERNANCE TOWARDS ACHIEVING GLOBAL PEACE
No full textThe Global Peace Index (GPI) aims at identifying potential mechanisms to sustain and quantify the level of peacefulness among countries. The recent GPI results indicate that many Muslim majority countries score low on the level of peacefulness. Coincidently, according to UNDP’s Human Development Index these countries also suffer from severe multi-dimensional poverty. Alleviating poverty and increasing the socio-economic well-being are believed to be among the key factors to increase the level of peacefulness. Hence, the study argues that good governance of zakāt funds would be among one of the solutions. This could be done by enhancing the role of mosques as a platform to manage zakāt funds. Proper management of zakāt funds could help contribute to the satisfactory achievement of the peacefulness level. However, a clear and effective system in managing zakāt funds through mosques is yet to be established. Therefore, the present study aims to develop a model of good governance for mosques to manage zakāt funds. In developing a model the study has identified three fundamental units namely: Governance Unit, Recipients Information and Multimedia Unit and Collection and Distribution Unit. It is hoped that the proposed model could contribute to better zakāt management, enhance the role of mosques and achieve peace
TREATMENT OF WEALTH ACQUIRED BY UNLAWFUL MEANS: AN ISLAMIC PERSPECTIVE
No full textThis study examines how Islamic law deals with wealth acquired by unlawful means. The main issue is the manner in which to treat all types of unlawful wealth, whether such wealth should be returned to its original owner or given away to charity, the poor and needy, or whether it should even be destroyed. In cases where the person repents, a further issue arises as to whether he is allowed to claim ownership of such wealth or to take possession of some portion of it. The discussion is divided into three parts: part one focuses on the meaning and types of wealth acquired through unlawful means; part two explains how Islamic law treats such wealth acquired by unlawful means; and part three extrapolates on the issue of ownership of unlawful wealth after repentance. This study adopts a doctrinal analysis of the Qur’ān and Sunnah on issues relating to acquiring wealth through unlawful means. This is followed by a comparative study of the views of Muslim jurists from four well known schools of law as well as those of contemporary Muslim scholars. In addition, reference will be made to legal opinions (fatwā) from selected Muslim countries and renowned contemporary Muslim scholars. It is expected that the study will provide a clear guideline regarding the handling of wealth acquired by unlawful means in Islamic law
NOTES ON CONTRIBUTORS - SPECIAL ISSUE: MIGRATION AND REFUGEE STUDIES 2018
No full textNotes on Contributors - Special Issue: Migration and Refugee Studies 201
THE GREY SIDE OF HIBAH AMANAH AS INHERITANCE INSTRUMENT IN MALAYSIA
No full textHibah amanah has become a popular alternative to the Islamic system of inheritance (farā’iḍ) as it enables a donor to have full control during his life over his or her property while the beneficiary can only benefit from it upon the death of the donor. Hibah amanah enables the donor to circumvent the strict limitations provided under farā’id since the endowment of hibah amanah is arguably not subjected to farā’iḍ. This article starts with an analysis of the Sharī‘ah perspective of hibah amanah, focusing on the arguments forwarded by scholars that support and oppose hibah amanah, together with their justifications from the Qur’ān, Sunnah and other basis of their views (ijtihād). This qualitative study uses content analysis methodology and reveals that there are many legal complications and obstacles including the issue of Sharī‘ah-compliance, and the disputed permissibility of using Hibah amanah to circumvent farā’iḍ, the possibility of unfairness and bias, the denial of the beneficiaries’ rights without remedy, the threats from the money laundering perspective and the conflict between Shari’ah court and civil court over jurisdiction. This article stresses the importance of having a clear legal and regulatory mechanism to address all issues related to hibah amanah
NOTES ON CONTRIBUTORS - SPECIAL ISSUE: ISLAMIC BANKING AND FINANCE 2018
No full textNotes on Contributors - Special Issue: Islamic Banking and Finance 201
A CONCEPTUAL FRAMEWORK FOR THE IMPACT OF FINANCIAL CRIME TOWARDS THE FINANCIAL PERFORMANCE OF ISLAMIC FINANCIAL INSTITUTIONS
No full textThis paper aims to assess the reputation risk faced by Islamic financial institutions due to financial crime activities. There is an increasing trend in financial crime activities at banking institutions. For Islamic financial institutions that are founded based on Sharīʽah, the usage of Islamic financial instruments for criminal activities undermines the integrity of Islamic financial system itself. It would also tarnish Islamic financial institutions’ reputation that supposedto operate with Islamic principles against any criminal activities. Trust or the public confidence towards the integrity of Islamic financial institutions would also be distracted as being associated with financial crime activities signaling that the Islamic financial institutions' profit is eroded by criminal activities. This has raised concern and questions about the reputation of Islamic financial institutions. A proposed conceptual framework discusses how trust and reputation risk affect the Islamic financial institutions’ performance when the financial crimes happen
P2P ISLAMIC FINTECH INVESTMENT INNOVATION. A PROPOSAL OF MUSHĀRAKAH SMART CONTRACT MODEL FOR SMES FINANCING AND SOCIAL DEVELOPMENT
No full textPeer-to-peer financial services are increasingly becoming significant game changers in the financial sector across the globe. Initially, few structures were developed to help cater to the attention of the Islamic financial industry players involved in peer-to-peer dealings. The new trend of the technological evolution in the banking and financial sector has proved to be the next challenge in this sector. However, the survival of Islamic fintech will heavily rely on the existing established trust within the sector. The potential collaborations between the established Islamic banks, fintech players and start-ups will certainly unleash the potentials of today’s technologies in the Islamic finance industry. Being in their early stages, Malaysia and its counterparts from the GCC states have the potentials to becoming leaders in the Islamic fintech industry and may work together to develop a necessary framework for Islamic fintech advancement. Peer-to-peer arrangement connects crowdfunding investors with entrepreneurs through more transparency, speed dealings and almost free from complications in the documentation. In view of the fact that mushārakah is becoming more practical under the concept of Islamic peer-to-peer deals, this paper attempts to develop a new peer-to-peer financing which is underlain by the Mushārakah Smart Contract Model. The paper proposes a mushārakah model using Mushārakah Smart Contract in which the investors would be crediting their investments for mushārakah purposes with virtual lenders for specific Sharīʽah compliant businesses and share in the profit, based on an agreed dividend under the mushārakah principles. It also highlights the potential structures, cyber risks, and devices to mitigate them by using mushārakah standards and measures within the Sharīʽah principles
IMPLEMENTATION OF HEALTHCARE WAQF: A CASE STUDY OF UNIVERSITI SAINS ISLAM MALAYSIA’S HEALTH SPECIALIST CLINIC
No full textWaqf is a very important economic instrument in Islam. History has shown that waqf has assisted Muslims tremendously since the era of the Prophet Muhammad () until the next splendid era of Islam. Various rewards await those who have implemented waqf for the sole purpose of encouraging this practice among Muslims. This noble practice then spreads, not only within the traditional boundaries such as the construction of mosques, religious schools and cemeteries, but continues to develop in various forms including in “health waqf’. Increasing healthcare costs do not take into consideration the factor of affordability, that is whether patients can afford to bear the cost or otherwise. For the asnāf, the current cost of treatment by specialists is beyond their means and so an alternative route for them would be through health waqf. Similarly, the problem applies to the non-asnāf for whom the cost would be considered lower. With the establishment of Universiti Sains Islam Malaysia (USIM) Health Specialist Clinic (HSC), the waqf agenda prospers in different forms be it in health, expertise or education thus realizing its objective of assisting the poor and needy, and indirectly implementing the agenda of global peace
ANALYSIS ON THE DOCTRINE OF LIMITED LIABILITY UNDER COMPANY LAW AND SHARĪ‘AH
No full textUnder company law, the doctrine of limited liability is applied to promote economic development via a legal entity. The main advantage of a limited liability is that it enables business owners to reduce and transfer the risks in business to their company. However, the application of limited liability is often criticized for causing unfairness to creditors. Under English common law, which is the basis of Malaysian company law, a body corporate is recognized as a legal person distinct from the owners. The metaphor of corporate personality is used to justify the attributes of a company as a legal person and its ability to limit liability of its members. However, such principle is not found in Sharī‘ah business entities because under Islamic law, a business entity is not separated from the owner and as such, the owner cannot totally transfer the business risks to the business entity. A doctrinal analysis was carried out to analyze the application of the doctrine of limited liability under Malaysian company law and to compare it with the Sharī‘ah principles dealing with limited liability. The purpose of this paper is to indicate whether the limited liability regime, which is conferred to conventional companies in Malaysia, could be directly applied to Malaysian companies which are carrying out Sharī‘ah-compliant businesses